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Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives\nhttps://simplehai.axisdirect.in/share-stock-prices/nse/Bank-of-India-5654\nhttps://simplehai.axisdirect.in/share-stock-prices/nse/Bharat-Petroleum-Corporation-Ltd-2290\n

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technical view equity

Technical View (Equity)

Daily call

Index

CMP

% up/dn

S2

S1

P

R1

R2

Nifty

10,500.90

-0.37%

10380

10440

10515

10575

10650

Sensex

34155.95

-0.42%

33775

33965

34220

34410

34665

Nifty Daily Chart

Comments:

Nifty opened on a positive note and remained positive in the first half but heavy selling in the second

half led the index lower. Nifty closed at 10501 with a loss of 39 points.

On the daily chart the index has formed a long bearish candle indicating profit booking at higher levels.

The index continues to move in a Lower Top and Lower Bottom formation on the daily chart indicating

negative bias. The chart pattern suggests that if Nifty crosses and sustains above 10540 level it would

witness buying which would lead the index towards 10580-10620 levels. However if index breaks below

10460 level it would witness selling which would take the index towards 10430-10400. Nifty is trading

below 20, and 50day SMA's which are important short term moving averages, indicating negative bias in

the short term. Nifty continues to remain in an uptrend in the short and medium term, so buying on dips

continues to be our preferred strategy.

The daily strength indicator RSI is below its reference line while momentum oscillator Stochastic is

positive indicating positive bias.

The trend deciding level for the day is 10515. If NIFTY trades above this level then we may witness a

further rally up to 10575-10650-10710 levels. However, if NIFTY trades below 10515 levels then we may

see some profit booking initiating in the market, which may correct up to 10440-10380-10310 levels.

Apollo Hospitals, Balkrishna Industries, BEL,

Can Fin Homes, Cholamandalam Investment and

Finance, DHFL, Engineers India

Stocks to focus for intraday Long

Bank of India, BPCL, ICIL, Bharti Infratel, JSW

Energy, Oriental Bank of Commerce

Stocks to focus for intraday Short